The Loan Process

Are you thinking about buying a home, but don’t know quite where to start?

Buying a home can be a long and tedious process, and that’s not even including all the time spent searching for the perfect home. But because it’s a big purchase, it’s necessary that the mortgage process take a fair amount of time. Applications need to be filled out and double-checked by processors, credit reports need to be submitted and any errors found within need to be corrected. You’re asking to borrow a lot of money, so everything needs to be aboveboard.
But before you even get to the application process, there are some steps you, as a future homebuyer, need to take before ever signing your name on a mortgage.

HOW MUCH ARE YOU WILLING TO PAY/CAN AFFORD?

Determining how much you’re willing to spend on your mortgage every month is your first step. Not only does this give you a spring board to work from in finding the right home, but will also help you determine every other financial decision from there on out.

HOMEOWNERSHIP COUNSELOR THROUGH HUD.GOV FOR APPROVED COUNSELING AGENCIES

If you’re unsure about how to begin assessing your finances for this kind of purchase, www.hud.gov has a list of approved counseling agencies across the country that will be more than happy to help answer your questions and put you on the right path to homeownership. Their experience will be invaluable to you as a first time homeowner.

SHOP AROUND FOR LENDERS

Don’t just go with the first lender you talk to. Some lenders may have special pricing or financing depending on any number of factors. Dig deep into your options to find out which lender may be the right fit for you.

ASSESS ALL POSSIBLE FEES, TAXES, OR PAYMENT PENALTIES WITH YOUR LENDER BEFORE SIGNING

This ties into the advice above; make sure your lender has shown you all the possible fees, taxes, or possible financial bumps you may run into along the way. You might have prepared for a certain amount in your monthly payments, but extra fees can add up quickly.

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  • Nations Lending Corporation NMLS# 32416 | Bethany Ashby Sales Manager NMLS# 311473 |  Branch ID #1246371

    Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.Texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov. 

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